“Noon Sunshine-Young Scholars Seminar” is a regular academic exchange platform held by School of Finance. It aims to offer valuable occasions of communications among scholars in our college, between teachers and students, the domestic and the oversea. In this semester, we keep our original intention, set off for a new voyage. We will devote ourselves to fostering the academic atmosphere in the college, and promoting the academic level for both teachers and students.

The seventh session of “Noon Sunshine-Young Scholars Seminar” for the Autumn Semester in 2024 is arranged as follows:

Lecture topic

Crowding out? Real Estate and Long-Term Investments of Chinese Firms

Keynote Speaker: Yu Ziliang

Date

Thursday, November 28th, 2024

Time

12:00-13:30

Lecture Venue

Room 116, School of Finance

Abstract

Utilizing the new accounting standard that distinguishes investment property from other nonreal estate assets, we examine the impact of holding investment property on firms’ long-term investments in China from 2008 to 2020. We find a significantly positive effect via the collateral channel. Nevertheless, our finding does not exclude the existence of the crowding-out effect, as the positive effect of holding investment property is typically significant for privately owned, medium-size, or manufacturing firms in the eastern coastal area or for firms with an increased position in real estate investments. Further investigation shows that the value increase in previously obtained investment property has no positive effect, and holding investment property does not change firms’ real estate versus nonreal estate investments.